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British Gas has become the third UK energy provider to increase the price of its gas and electricity tariffs in recent weeks.

The energy supplier is to hike the prices of both its gas and electricity by 15 per cent owing to increases in costs in the wholesale energy market.

However, the company has also stated that customers on fixed-term tariffs will not be affected by the increases, while it is also set to offer people over 70 free home insulation grants in an effort to help them reduce energy costs.

Phil Bentley, managing director of British Gas, added that the firm's efforts to become more energy efficient were putting pressure on its energy prices.

"As Britain's greenest electricity supplier, we are investing in further lowering our carbon emissions," he said.

"However, this also comes at an increasing cost for all. Ultimately, the best way of reducing energy bills is to make our homes more energy efficient."

British Gas's move to increase its energy prices has come after EDF Energy and npower also recently raised the cost of their tariffs.

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